Macy's sales slip, says shoppers are to blame

August 15, 2013

NEW YORK - Macy's Inc. reported a disappointing profit for its second quarter and cut its outlook for the year on Wednesday. The department store chain blamed shoppers' reluctance to spend for a rare slip in sales.

Its shares fell nearly 5 percent in regular trading. Over the past year, its stock is up almost 27 percent.

The second-quarter weakness raises worries about consumer spending, an important part of the economy, and how other merchants fared during the spring and early summer.

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Macy's, the first of the major retailers to report second-quarter results, has been a standout among its peers throughout the economic recovery. It's a barometer of spending among middle- to upper-income shoppers.

Wal-Mart Stores Inc., Kohl's Corp. and Nordstrom Inc. are among the major retailers scheduled to report later this week.